The Swiss economy grew at a slower pace than expected during the second quarter of 2017 as the growth in the financial sector and hotels was offset by weak growth in both trade and public administration. On a quarterly basis, GDP grew by 0.3%, below expectations of 0.5% growth, while the economy grew by 0.1% in the first quarter of 2017.
Also, GDP grew by 0.3% on yearly basis in the second quarter below expectations of 1.1% while the first-quarter reading was revised down to 0.6% from 1.1%. Bringing the Swiss economy to its slowest pace of growth on an annualized basis in nearly eight years.
The hotel and restaurant industry grew by 3.4% and the financial sector grew by 2.7% during the second quarter of this year, while trade shrank by 0.2% and the public administration fell by 0.1%.